Solid interest in town centre property portfolio
The swath of property at the centre of Cavan town that was put on the market has already attracted considerable interest. The 2.42 acres block in the town centre is to be sold in one lot by private treaty.
Ross Fogarty the Director of Capital Markets with Knight Frank, the agent handling the sale, said there has been steady inquiries regarding the lot: “Interest has been solid. The process is likely to take between four and six weeks to allow parties properly assess the opportunity and do their respective due diligence.”
The guide price for the 0.97 hectare block of property is €3,250,000 and the vendor is described as “an Elliotts related company”. The portfolio is predominantly commercial, with residential elements on the upper floors.
It include eight retail units, eight apartments, two public houses, offices, a school, a former B&B, a car park, a house and a development site. The properties are located on Main Street, Thomas Ashe Street and Farnham Street. The total rent roll is around €357,000 per annum and tenants include Boots, CCVEC, Cavan County Council and the HSE.
A statement from Cavan county Council said that the site is identified in the Cavan Town and Environs Development Plan 2014-2020 as a “Masterplan Area”. This means that any development of the lands must consider the site in its entirety and developed in a planned manner.
They say that the site has tow objectives in the development plan; to facilitate backland development to form a civic space and to prepare a Masterplan for town centre development which will improve town core vitality and viability.
The local authority say that the development in this location must ensure that redevelopment of the area respects the existing street layout and prevalent design features.
The planning authority also said that they would be eager to “work with relevant persons in the development of the Masterplan for this strategic site which has the potential to add to and improve the town centre of Cavan”.